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Orchard Funding Grp (ORCH)

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Wednesday 21 August, 2019

Orchard Funding Grp

Trading Update

RNS Number : 6841J
Orchard Funding Group PLC
21 August 2019
 

21 August 2019

 

Orchard Funding Group PLC

("Orchard Funding Group" or the "Company" or the "Group")

 

Trading Update

 

Orchard Funding Group, the finance group which specialises in insurance premium finance and the professions funding market, provides the following trading update for the year ended 31 July 2019.

 

Overall Group performance has been sound with lending and revenue numbers all expected to be higher than 2018.  The Group's lending performance for the period was as follows:

 

 

 

31 July 2019

31 July 2019

 

 

£m

£m

% Increase

 

 

 

 

Lending volume

73.13

68.73

6.40

 

 

 

 

 

 

 

 

Loan book

32.34

30.95

4.49

 

 

 

 

 

During the year, the Board considered an alternative to obtaining its own banking licence and the Company announced that it had withdrawn its application for its own banking licence. After deliberations, the Board has now concluded that the acquisition of its own licence is its preferred course of action. Accordingly, the process of obtaining its own licence has therefore been restarted and is progressing into the current financial year. As a result, banking licence application costs for the year ended 31 July 2019 are expected to be lower than previously anticipated.

 

Orchard Funding Group intends to announce its final results for the year ended 31 July 2019 at the end of October 2019.

 

Orchard CEO, Ravi Takhar, said:

 

"We have again delivered a very satisfactory and solid performance to all of our stakeholders. I would like to thank our staff, customers and funding partners for their great support to our business. Orchard continues to blossom and we look forward to another year of great opportunity in our markets."

 

For further information, please contact:

 

Orchard Funding Group PLC                                                             +44 (0)1582 346 248

Ravi Takhar, Chief Executive Officer

 

Liberum (Nomad and Broker)                                                            +44 (0)20 3100 2222

Neil Patel

Richard Bootle

Laura Hamilton 

 

For Investor Relations please go to: www.orchardfundinggroupplc.com

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


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